First enacted into law in 1968, the Truth In Lending Act (TILA) governs the way lenders and creditors disclose information about their financial goods and services to consumers. Initially overseen by the Federal Reserve Board (FRB), the TILA has been enforced by the Consumer Financial Protection Bureau (CFPB) since 2011. 

The TILA’s provisions cover most sorts of consumer credit—such as home mortgages, car loans, credit cards, and equity lines of credit—which are the sorts of credit that can lead to debt collection.